EXHIBIT 21

STIFEL FINANCIAL CORP. AND SUBSIDIARIES
SUBSIDIARIES OF STIFEL FINANCIAL CORP. (1)

Name | State (Jurisdiction) of Incorporation or Organization | Names Under Which Subsidiary Does Business
Stifel, Nicolaus & Company, Incorporated | Missouri | Stifel, Nicolaus & Company, Incorporated
Stifel Nicolaus Insurance Agency, Incorporated(2) | Missouri | Stifel Nicolaus Insurance Agency, Incorporated
Century Securities Associates, Inc. | Missouri | Century Securities Associates, Inc.
CSA Insurance Agency, Incorporated (3) | Missouri | CSA Insurance Agency, Incorporated
Stifel Venture Corp. | Missouri | Stifel Venture Corp.
Stifel Asset Management Corp. | Missouri | Stifel Asset Management Corp.
Stifel CAPCO, L.L.C. | Missouri | Stifel CAPCO, L.L.C.
Stifel CAPCO II, L.L.C. | Missouri | Stifel CAPCO II, L.L.C.
Hanifen, Imhoff Inc. | Colorado | Hanifen, Imhoff Inc.
Stifel Nicolaus Limited | England and Wales | Stifel Nicolaus Limited
Ryan Beck Holdings, L.L.C. (2) | Missouri | Ryan Beck Holdings L.L.C.
First Service Financial Company | Missouri | First Service Financial Company
Stifel Bank & Trust (4) | Missouri | Stifel Bank & Trust
Choice Financial Partners, Inc. | Missouri | Choice Financial Partners, Inc.
Butler Wick & Company, Inc. | Ohio | Butler Wick & Company, Inc.
Broadway Air Corp. | Missouri | Broadway Air Corp.

(1) Does not include corporations in which registrant owns 50% or less of the stock.
(2) Wholly-owned subsidiary of Stifel, Nicolaus & Company, Incorporated.
(3) Wholly-owned subsidiary of Century Securities Associates, Inc.
(4) Wholly-owned subsidiary of First Service Financial Company.

Stifel Financial Capital Trust II, Stifel Financial Capital Trust III, and Stifel Financial Capital Trust IV are wholly-owned subsidiaries of Stifel Financial Corp; however, they are considered variable interest entities under the provisions of the Financial Accounting Standards Board Interpretation No. 46 (Revised December 2003), Consolidation of Variable Interest Entities, and not consolidated.